Shares of Bajaj Finserv spurted nearly 14 per cent in early trade on the Bombay Stock Exchange on Thursday, bolstered by
Berkshire Hathaway's deal with the company's unit, Bajaj Allianz General Insurance.
US-based Berkshire Hathaway on Wednesday had said it plans to enter the Indian non-life insurance sector as a corporate agent of Bajaj Allianz General.
Defying the bearish broader market sentiment, Bajaj Finserv's shares shot-up 13.72 per cent to touch a one-month high of Rs 499.90 on the
Bombay Stock Exchange.
In a similar fashion, the stock zoomed up by 15.88 per cent to an early high of Rs 512.05 on the National Stock Exchange.
The move would mark the maiden foray of Berkshire Hathaway into the Indian market.
As part of its planned India entry, the conglomerate led by billionaire Warren Buffett has incorporated Berkshire India to sell and distribute general insurance products in the country.
Meanwhile, the BSE benchmark Sensex was trading 151.37 points lower at 18,295.13 at 10.15 am on Thursday.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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